Present Value of Dividends P。 D+Pi 1+k D +】+ D2+P2 (1+k)2 D D3+P3 ++0++0+ D D D （1+ D D D D +k) 1+k)” n-> ignore 1+k)° THE COURSE OF FINANCE 2017 SPRING SJTU 17Present Value of Dividends THE COURSE OF FINANCE 2017 SPRING SJTU 17                             n n n n n n n k P n ignore k D k D k D k D k D P k D k D k D k D P k D k D k D P k D k D P P                                        1 1 ... 1 1 1 1 ... 1 1 1 1 1 1 1 1 1 3 3 2 2 1 1 3 3 2 2 1 1 3 3 3 2 2 1 1 2 2 2 1 1 1 1 0